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Trading Plan for July 5, 2012

Recs

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July 05, 2012 – Comments (0) | RELATED TICKERS: SPY , QQQ , IWM

Pre-market upadate (9:00am eastern):

European markets are trading flat. 

Asian markets traded mixed/flat.

US Markets are looking at a slightly negative open.

Economic reports due out (all times are eastern): MBA Purchase Applications (7am), Challenger Job-Cut Report (7:30am), ADP Employment Report (8:15am), Jobless Claims (8:30am), ISM Non-Manufacturing Index (10am), EIA Natural Gas Report (10:30am), 

Technical Outlook (SPX):

 

SPX continued to march higher for a third straight day, and five out of the last six. 

Beginning to look a bit parabolic, if you ask me. 

Breaking through the 1390's will be difficult as there are plenty of separate resistance levels in that area. 

Safe to assume that volume will be light this week as it was on Monday and Tuesday, as many traders/investors will take the remainder of the week of. 

Volume in general continues to be relatively light during the past month of trading.

SPX is hitting short-term extremes of being overbought. 

SPX has now made new highs on the uptrend that began on 6/4.

30-minute chart continues to highlight the need for a pullback in the short-term.

Below 1306-1308 price level, will nullify the current rally off of the 6/4 lows. 

Would represent a 'lower-low' in the market. 

VIX dropping hard and is now below 17.

 

My Opinions & Trades:

Charts:

 

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